The 25 Richest And Poorest Countries In Africa - 2020 Edition

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Angola

richest village in angola africa

With a total GDP of $124.209 billion and a per capita GDP of $4,407, Angola is the fifth richest country in Africa.

Angola is heavily dependent on its natural oil and gas reserves, as well as on hydroelectricity, diamonds and agriculture.

Angola has a population of 30.7 million people, most of whom are still strongly influenced by European culture due to the 400 years of Portuguese colonialism in the country. The official language of Angola is still Portuguese.

President João Manuel Gonçalves Lourenço has invested a lot in diversifying the economy to focus less on oil dependency, and these efforts are slowly bearing fruit. Angola is continuing its upward trend in several sectors where it previously had very little presence.

Nominal GDP rank in 2020:#7
Nominal GDP per capita rank in 2020: #14

South Sudan

Southern Sudan is one of the poorest countries in Africa and its economy is weak and underdeveloped. Southern Sudan has a population of 12.9 million, of which only 24 per cent are literate.

Its GDP is $3.61 billion and its GDP per capita is $275. Conditions in Southern Sudan are known to be the most problematic, with most villages and populated areas having no electricity and no access to safe drinking water.

Over the past year, the country has continued to try to overcome poor infrastructure to become a leading country in Africa financially. The construction of the deep-water port of Kribi is the first ever in Central Africa and is expected to significantly increase hydropower production.

Nominal GDP rank in 2020: #17
Rank of nominal GDP per capita in 2020: #42

Niger

four men in niger with cigarette

Niger is one of the poorest countries in Africa, with a population of 22.3 million, a GDP of $7.89 billion and a per capita GDP of $444, which is actually one of the lowest in the world. Niger's economy is based on agriculture (mainly subsistence farming), which provides employment for most of its inhabitants, and on its large uranium deposits, which is in fact one of the largest in the world.

Despite these efforts, Niger's economy is struggling to sustain itself as it is affected by drought cycles, rapid population growth and declining uranium prices over the years.

Until entrepreneurial dynamism improves, the landlocked country will find it difficult to see real improvements. Mineral exports offer some opportunities for growth, but the country has yet to find ways to take full advantage of them.

Nominal GDP rank in 2020: #35
Rank of nominal GDP per capita in 2020: #48

South Africa

two men in south africa most richest nation in africa

South Africa has a complicated and amazing public history, with a multi ethnic society, a broad range of languages and countries (eleven official languages, to be exact). 

Probably The southernmost land has a population of 57.3 million. It's also the 2nd richest nation in Africa, with a GDP of $349.29 billion and a mesmerizing per capita GDP of $6,179, which is actually beaten solely by the other five African nations.

Nevertheless, these 5 countries - Botswana, Mauritius, Gabon, Equatorial Guinea, Mauritius and Seychelles - all have a population of under 2.5 million individuals. Africa's economy is mostly based on mining, agriculture, car manufacturing, tourism and telecommunications. 

Despite all these remarkable figures, South Africa still has a high price of unemployment and poverty. South Africa is also among the top 10 nations in the world in terms of income inequality.

South Africa continues to be close to the top of the category in Africa, though it's had several difficulties. Macroeconomic stability has returned to the land, which was an ongoing problem until a couple of years ago.

Nominal GDP rank in 2020: #2
Rank of nominal GDP per capita in 2020: #7

Libya

people in beach in libya most richest nation in africa

Libya is actually among probably the smallest nations in Africa, with a population of just 6.47 million. Its GDP is actually $31.33 billion, which might not look like a lot, though it ranks Libya as the 7th richest nation in Africa in terminology of GDP per capita - at $4,853.67.

Like numerous African nations, most of Libya's economic progress comes from oil, which accounts for much more than half of its GDP as well as aproximatelly ninety seven % of its exports. As a consequence of these figures, Libya has been described as "Africa's upper middle economy" by the World Bank.

It's tough to see Libya's future at the time with a lot of moving parts in the nation. From political instability to major security threats, the country faces certain challenges in 2020 and 2021.

Nominal GDP rank in 2020: #13
Rank of nominal GDP per capita in 2020: #6

Uganda

two men in motor in uganda most poorest nation in africa

Uganda is among probably the poorest nations in the planet. The country's total GDP is actually $25.53 billion and GDP per capita is actually $615.31 with a population of 44.27 million folks. 

This places Uganda among probably the largest nations in Africa in terminology of population, but also among probably the poorest. Nevertheless, the nation has witnessed a recent change in the economy, with the federal government taking measures to safeguard the country's natural resources.

In 1992, fifty six % of the country's population lived below the $1.25 one day poverty line. In recent years, this figure has been lowered to aproximatelly 25 %. Government officials continue to wish that in the coming years they are going to achieve the goal of theirs of minimizing the amount of individuals that are bad in the population to 10 %.

There seemed to be a huge push in the 1980s to liberalize Uganda's economy, but this has eased over the years. They carry on and search for answers which will raise huge amounts of individuals out of poverty. 

As in 2019, the Ugandan economy grew strongly, estimated at 6.3 %. This development is primarily as a result of the development of manufacturing sectors and the services (mainly mining and construction).

Nominal GDP rank in 2020: #16
Rank of nominal GDP per capita in 2020: #39

Tanzania

men in beach in tanzania in africa most richeset nation in africa

Then comes Tanzania, undoubtedly one of the most beautiful places in Africa. With a relatively high total GDP of $51.72 billion, it is the tenth economically richest country in Africa by that measure.

Tanzania has a population of 59.09 million, the fourth largest population in Africa. The Tanzanian population depends heavily on agriculture as a source of income. The country has grown in terms of GDP, but there are still people below the poverty line.

A well-diversified economy is helping Tanzania maintain steady growth, 6.8% in 20018 , with growth of only 7% in 2018. This diversification is characterized by robust private consumption, substantial public spending, strong investment growth and a recovery in exports, which underpin this positive outlook. Other sectors such as tourism, mining, services, construction, agriculture and manufacturing are also contributing.

Rank of nominal GDP in 2020: #10
Rank of nominal GDP per capita in 2020: #30

Sudan

most beautiful city in sudan africa

Sudan is actually the 10th most populated state in Africa, with a population of 41.51 million. It's also the 9th richest nation in Africa, with a GDP of $58.23 billion and a GDP per capita of $1,428.

In 2012, Sudan was the 17th fastest growing economy in the planet. Mainly since it's abundant in gas and oil. The nation has managed to boost its GDP and the dependency of its on farming as a second source of revenue. Sudan is likewise the world's largest exporter of groundnuts and cotton. 

The economic uncertainty of the latest times suggests that individuals are still a bit unsure about Sudan's long term development. Currency shortages have only applied to people's feelings that are mixed about the economy, though the economy continues to trend upwards.

Nominal GDP rank in 2020: #17
Rank of nominal GDP per capita in 2020: #42

Malawi

people work in agriculture in malawi africa most richest nation in africa

Malawi's economy is mainly based on agriculture, with 90 per cent of its 19.16 million people living in rural areas of the country. This landlocked country is located in the heart of Southern Central Africa and is considered by the United Nations to be an LDC - Least Developed Country.

Malawi's total nominal GDP is set at $6.20 million and its per capita GDP is a surprisingly low $323, with its agricultural sector dominated by tobacco manufacturing and export. Together with exports of tobacco, tea, sugar cane and coffee, tobacco, sugar cane and coffee account for about 90% of Malawi's total export earnings. Malawi also relies on tourism as a source of income, which has grown significantly over the last decade.

Malawi continues to struggle to connect with the rest of the region, but continues to move forward in new and creative ways. GDP grew by 5 per cent in 2019, up from 4 per cent in 2018. In addition, annual inflation was estimated at 9.0% in 2019, a significant improvement from 21.7% in 2017.

Nominal GDP rank in 2020: #38
Rank of nominal GDP per capita in 2020: #51

Algeria

beautiful city in algeria africa most richest nation in africa

Algeria bases the majority of the economy of its on gasoline and fossil fuels. In reality, ninety five % of Algeria's exports are actually based on its innovative gas and gas industry. With a GDP of $173 billion and a GDP per capita of $4,187, Algeria is actually among the 5 richest nations in Africa.

Due to the new possibilities of its, Algeria has in recent years moved towards sustainable growth to be able to develop more work as well as alleviate the housing shortage it faces. The Algerian economy is also home to various other sectors which, though they don't hold a major portion of the country's economy, occupy a good place. These sectors include tourism, banking, fisheries, and agriculture.

Hydrocarbons, one of the country's primary sectors, which accounted for 34.2 per cent of the overall GDP of its, are now in freefall, at less than nineteen per cent, bringing overall GDP growth to 2.3 per cent. While the current and fiscal account deficits are actually on the rise, they account for 7.9 % as well as 12.6 % of the country's GDP respectively in 2019. This compares to 7.0 % as well as 9.6 % in 2018.

Nominal GDP rank in 2020: #4
Nominal GDP per capita rank in 2020: #9

Tunisia

girl flip in tourist place in tunisia africa most richest nation in africa

Tunisia is in the midst of a long reform process that has spanned several decades, at the beginning of which the Tunisian economy developed considerably and is currently in a state of moderate growth. Tunisia has a population of approximately 11.6 million, a GDP of $40.2 billion and a GDP per capita of $3,553.

Despite the improvement in its economic situation, Tunisia is still trying to rebuild its economy, with 15.5% of its inhabitants living below the poverty line and 14.7% unemployed. A large part of the Tunisian economy is based on tourism, which is an attractive destination mainly because of its affordable prices, beaches and pleasant climate. Tunisia attracts around 7 million arrivals per year. 

The government seems determined to address the problem of unemployment, which is a positive sign for the country as a whole. It has put in place policies aimed at increasing foreign exchange reserves, limiting the budget deficit and subsidies, etc. 

The government has also put in place policies to increase foreign exchange reserves, limit the budget deficit and subsidies. These small steps should help Tunisia to get out of a rather large unemployment rut.

Nominal GDP rank in 2020: #15
Rank of nominal GDP per capita in 2020: #13

Seychelles

Seychelles beach most beautiful and richest contries in africa

Since its independence, Seychelles, the island nation in the Indian Ocean, has seen its economy grow to a GDP of $1.56 billion, which may not sound impressive, but given that Seychelles is among the smallest countries in Africa, with a population of 95,235 and a GDP per capita of $16,332.

Seychelles' economy is based mainly on luxury tourism and fishing. Seychelles was economically dependent on its thriving tourism industry until the crisis of the late 1990s and early 2000s when the government of Seychelles decided to develop agriculture and fisheries in order to create a diversified economy.

The government is doing an excellent job of being proactive so as not to become too dependent on tourism. They will always be somewhat limited by size, but the economy is very strong compared to the rest of the continent.

Rank of nominal GDP in 2020: #51
Rank of nominal GDP per capita in 2020: #1

Ethiopia

camel in sahara in ethiopia africa

Ethiopia is the second most populous country in Africa, with 107.53 million inhabitants. And the 7th richest country in Africa with a GDP of 80.87 billion dollars.

The country does not produce oil, but it is the fastest growing economy, relying on agriculture, export of coffee, livestock, gold and leather products, as well as the 14 major rivers in the county (including the famous Nile) to produce energy.
The increase in private sector participation is enormous for Ethiopia, which continues to grow. The aim is to eventually become a production centre instead of relying so much on agriculture.

Rank of nominal GDP in 2020: #8
Rank of nominal GDP per capita in 2020: #32

Zambia

As a result of its fast urbanization rate, Zambia's economic growth is actually among probably the fastest in Africa. Despite this substantial growth, Zambia is still considered a bad state in recent years, with a population of 17.6 million, a GDP of $23.1 billion and a GDP per capita of $1,342.

About 60.5 % of Zambians live below the poverty line. Agriculture is actually among the most crucial industries in Zambia, providing much more employment than the mining business. The primary crops in Zambia are actually cereals, though several other crops include soybeans, sugar, and cotton. 

The land is still feeling the consequences of the suspension of donor aid, which took place in 2018. This came after millions had been diverted from social assistance subsidies. The emphasis is now on higher private sector involvement in infrastructure aid.

Rank of nominal GDP in 2020: #19
Rank of nominal GDP per capita in 2020: #27

Zimbabwe

zimbabwe city africa

In the past, Zimbabwe was recognized in Africa for its extensive wheat and cotton crops, but since the early 2000s, Zimbabwe's economy has shrunk considerably. Zimbabwe has a population of 16.9 million, a GDP of $17.1 billion and a per capita GDP of $1,149.

Zimbabwe's local currency, the Zimbabwean dollar, has arrived at a state of hyperinflation over the past decade, to the stage where hundred dolars billion Zimbabwean dollars was equivalent to one US dollar. After many efforts to recover the currency, it was determined in 2009 to abandon it. Since that time, Zimbabwe has been using foreign currencies like the US dollar and its economy has started a process of reform.
The government continues to create a reform program, but there's no assurance that it'll work. It may be many years before the land experiences any great advancement down the road.

Nominal GDP rank in 2020: #20
Rank of nominal GDP per capita in 2020: #25

Ghana

ghana most richest nation in africa

Ghana's total GDP is $47.03 billion. The country has a rich and vast economy, ranking it 11th among African countries with the highest GDP, just after Tanzania.

The position of their GDP has improved thanks to a large number of management plans they have implemented to improve the country's position. As it is blessed with natural resources on which the country relies as a source of income. With a population of 29.46 million, its GDP per capita is $1,663.

Ghana's economy continued to expand in 2019, with real GDP growth estimated at 7.1 per cent. The strong growth momentum since 2017 has consistently placed Ghana among the ten fastest growing economies in Africa.

Nominal GDP rank in 2020: #9
Nominal GDP per capita rank in 2020: #17

Kenya

kenya market most richest nation in africa

Kenya, an East African country, has a population of 50.95 million. It produces a GDP of $79.51 million, making it the 9th richest country in Africa in terms of GDP. Its GDP per capita is $1,701, making it a "middle income" country according to the World Bank.

Kenya is leading a market economy, with several public infrastructures, while maintaining a liberalized trade system and taking advantage of its ports to the Indian Ocean. Sectors such as fishing, mining and tourism contribute to the country's growth. However, it is agriculture that plays a major role in Kenya's economy and labour force, as about 75% of its workforce lives from it. The coffee and tea industry is the mainstay of Kenya's agricultural economy. 

Once again, household consumption and investment are the key drivers of growth in Kenya. The GDP grew by 5.9% in 2019, while the Kenyan economy is stable at 6.5% in 2018. With inflation remaining within central targets, the decline in growth between 2018 and 2019 is mainly due to adverse weather conditions.

Nominal GDP rank in 2020: #6
Rank of nominal GDP per capita in 2020: #21

Nigeria

Nigeria city most richest nation in africa

Nigeria is the richest and largest country in Africa. With a population of 195.8, a GDP of $376.28 billion and a per capita GDP of $1,994, this West African country closes our list. The Nigerian economy is defined as an emerging market mixed economy and, according to the World Bank, has achieved lower middle income status. The Nigerian economy is largely based on trade and energy.

It is the largest U.S. trader in Africa, supplying the United States with about one-fifth of its total oil production. This makes Nigeria the 12th largest oil producer in the world and the 8th largest oil exporter. In addition, Nigerian agriculture is a major source of employment for the country, as nearly 30% of its population is employed in agriculture.

2019 has seen incredible growth, mainly in the transport, oil and information and communication technology sectors. GDP growth reached 2.3%, compared to 1.9% in 2018. In addition, household consumption was the main driver of growth in 2019.

Nominal GDP rank in 2020: #1
Rank of nominal GDP per capita in 2020: #18

Democratic Republic of the Congo

Democratic Republic of the Congo city poorest nation in africa

The Democratic Republic of the Congo has a mix of economic sectors such as mining, fishing, forestry, agriculture, copper and cobalt. Although the country's total GDP of $41.44 billion may seem high compared to other African countries.

But it has an extremely large population of 84 million people, which brings its GDP per capita to an incredibly low $478.23. This places the country among the ten poorest countries in Africa by that measure. Nevertheless, it is a perfect example of a mixed economy.

According to the African Development Bank Group, growth declined from 5.8 percent in 2018 to 4.3 percent in 2019, due to a slowdown in the extractive industries, the main driver of the economy despite a decline in the price of some raw materials (copper and cobalt). 

Agriculture suffered from low productivity, while energy shortages hampered industrialization efforts. Growth was driven by domestic demand, particularly private investment and public consumption, which further contributed to the country's socio-economic disparities.

Nominal GDP rank in 2020: #11
Rank of nominal GDP per capita in 2020: #46

Madagascar

Madagascar city

Despite Madagascar's potential and growing interest as a thriving tourist destination, mainly due to its unique forests and habitats, and despite its government's efforts to develop its tourism industry, tourism in Madagascar remains underdeveloped, with few visitors each year compared to its neighboring countries.

Apart from tourism, Madagascar bases most of its economy on agriculture and the textile and mining industries. Madagascar has a population of 26.2 million, a GDP of $10.3 billion and a GDP per capita of $405.

Officials continue to work towards the development of a capital market that remains stable. Government corruption has always been detrimental to the business environment in the country, so until this is addressed, Madagascar will continue to struggle.

Nominal GDP rank in 2020: #28
Rank of nominal GDP per capita in 2020: #49

Morocco

blue city in morroco most richest nation in africa

Morocco is the 6th richest country and the 11th in Africa. With a GDP of $109.82 billion and a population of 36.1 million, it is also one of the leading countries in Africa in terms of GDP per capita, with $3,151. Morocco is considered a relatively liberal economy with important sectors such as tourism (which the government hopes to reach 20% of its GDP by 2020), agriculture, solar and coal energy, and cannabis exports.

Funny fact: according to a 2016 study, about 70% of the cannabis consumed in Europe comes from Morocco.

According to the World Bank, in 2019, the Moroccan economy continued to operate below the potential assigned by the World Bank. The rain-fed agriculture sector contributed to volatility and a timid recovery in other sectors. 

The contribution of Morocco's net exports is still negative, meaning that Morocco imports more than it exports, reflecting the low competitiveness of exports and dependence on energy imports.

Nominal GDP rank in 2020: #5
Rank of nominal GDP per capita in 2020: #12

Egypt

Egypt pyramid most richest nation in africa

Egypt has a long and famous history, dating back to the 6th century BC. It is of course well known for its emblematic monuments such as the Great Pyramids, the Great Sphinx and the ruins of Memphis and Thebe. Today, Egypt is the 3rd largest economy in Africa, with a GDP of $237.03 billion and a GDP per capita of $2,500.

It is also the 3rd largest country in Africa, with a population of 99.3 million people. Egypt's economy is largely based on tourism, trade and shipping through the Suez Canal, natural gas, agriculture and of course oil. With a production of more than 700,000 barrels of oil per year, Egypt has the largest oil refining capacity on the entire African continent. 

As long as there is a need for oil, the prospects for Egypt as an economic power on the continent are strong. The availability of hard currency has enabled Egypt to improve its overall business environment in recent times.

Nominal GDP rank in 2020: #3
Rank of nominal GDP per capita in 2020: #15

Republic of Cameroon

Yaounde republic of cameron in africa most richest nation in africa

With a GDP per capita of $1,443, the Republic of Cameroon is one of the ten highest countries in Africa by this criterion. The country's total GDP is $34.79 billion.

With large agricultural structures and a population of 23.44 million, the county still has many people involved in the agricultural sector, but the economy has grown during the year. Timber reserves add value to the country's economy, accounting for approximately 37% of the total land mass.

Nominal GDP rank in 2020: #13
Rank of nominal GDP per capita in 2020: #23

Senegal

home beach in senegal africa

Senegal is limited in natural resources and its economy is therefore essentially based on agriculture, tourism and foreign trade in agricultural products and fish. Senegal has a population of 16.2 million, a GDP of $16.1 billion and a GDP per capita of $1,019. Tourism in Senegal is an essential component of its economy.

Senegal's historic sites, national parks and nature reserves are a major source of attraction for tourists from around the world.
As long as the rest of the economy can remain strong, Senegal has good prospects for the future. Public investment in infrastructure, agriculture and energy is keeping the budget deficit at 3.6% of GDP in 2018 and 2019, and is expected to continue to do so in 2020.

Rank of nominal GDP in 2020: #18
Rank of nominal GDP per capita in 2020: #24

Ivory Coast

Ivory Coast most richest nation in africa

Côte d'Ivoire enjoys a stable economy, a population of 24.9 million, a GDP of $53 billion and a considerable GDP growth of 8.5% per year, which is currently the fourth highest GDP growth in the world. The vast majority of Côte d'Ivoire's inhabitants (about 70%) are engaged in agriculture.

The main crops in Ivorian agriculture are coffee and cocoa beans, which account for about 40% of world production. As a result, the economy of Côte d'Ivoire is strongly influenced by fluctuations in cocoa and coffee prices. 

This has led the Ivorian government to push for greater diversification of the country's economy. These attempts have failed and most of the industry is still based on agriculture.
Pro-market and pro-business reforms in the country continue to move the country forward in 2019 and 2020. Analysts expect them to remain strong with annual growth.

Nominal GDP rank in 2020: #12
Rank of nominal GDP per capita in 2020: #22

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